New Delhi: After the second biggest crash ever on account of rising interest rates which wiped out around 1.4 lakh crore of investor's wealth, the markets began its journey on Tuesday with modest gains. Buying was seen in the selected heavyweights.
Weak sentiment is likely to prevail for some more time on account of negative fundamental factors like recent hike in CRR and Repo rate followed higher crude prices and heavy selling by the foreign funds.
The BSE-30 share index, which had plunged nearly 617 points in the previous session after RBI raised short-term lending rates, was up by 115.21 points at 12,570.58 in the first five minutes of trading.
Similarly, on the wide-based National Stock Exchange, Nifty index was up by 32.35 points at 3,665.95.
Stock brokers said short-covering by speculators along with emergence of buying by funds at lower levels, helped the Sensex to recover part of yesterday's losses.
They said firming trend in other Asian markets too had its positive impact on trading sentiments here. Major support came in from stocks like Infosys Technologies, TCS, HDFC Ltd, HDFC Bank, Tata Steel and Reliance Capital.
Major gainers in the opening trade were Reliance, Rel Comm, Satyam, Infosys, ICICI Bank, Hero Honda, Tata Motors, Tata Steel and Cipla.
Market cues:
- FIIs net buy USD 189.7 million in equity on Mar 30
- MFs net sell Rs 83 crore (Rs 830 million) in equity on Mar 30
- NSE F&O Open Interest up by Rs 950 crore (Rs 9.50 billion) at Rs 39,628 crore (Rs 396.28 billion)
With inputs from moneycontrol.com
Comments
0 comment